Polygon is preparing for a significant mainnet upgrade on September 4, 2024. This transition will move its native token from MATIC to a new token, POL. The upgrade follows community approval and aims to enhance the network’s functionalities.
POL to Replace MATIC for Fees and Staking
Once the upgrade is complete, POL will take over from MATIC as the primary token used for gas fees and staking within the Polygon network. Initially, POL will retain MATIC’s current tokenomics, including its distribution and total supply. This continuity ensures a smooth transition for users and developers.
Future phases may introduce expanded functionalities for POL, particularly within the AggLayer. These developments will depend on community feedback and input. The recent testnet migration, released on July 17, successfully identified and addressed potential issues ahead of the mainnet upgrade.
Migration Procedures for MATIC Holders
For current MATIC holders on the Polygon PoS network, the transition to POL will be automatic, requiring no user action. However, those with MATIC on Ethereum, the Polygon zkEVM, or various centralized exchanges must follow specific migration procedures. These procedures, outlined by the core developers, ensure a seamless transition to POL.
Developers and stakers who have delegated their MATIC on Ethereum will see their tokens automatically converted to POL. They will have the option to opt-out if they prefer. The migration will also involve widespread updates across decentralized finance protocols, decentralized applications, and infrastructure to support the new POL token.
Polygon 2.0 and Future Developments
Polygon is currently using two scaling solutions: the Polygon PoS sidechain and the Polygon zkEVM zero-knowledge rollup network. The project plans to deploy the Polygon 2.0 architecture soon, aiming to create a unified liquidity framework. This framework will enhance interoperability and shared state functionalities across multiple ZK-Rollup chains.
In this new setup, the AggLayer will link the Polygon 2.0 chains and settle ZK-based security proofs back on Ethereum, securing them at once. Polygon has also introduced the “zkPoS Phase 1” proposal, which aims to connect Polygon PoS with the AggLayer. This proposal is part of a strategy to transition Polygon PoS into a zkEVM Validium.
The upcoming mainnet upgrade marks a significant milestone for Polygon. The transition to POL is designed to enhance the network’s efficiency and functionality. With community support and careful planning, Polygon is poised to continue its evolution and expand its capabilities in the blockchain space.
Also Read: Polygon Launches New Community Governance Platform Built by Aragon
